Oil hits 13-month highs on tighter supplies, Fed

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    SINGAPORE- Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months, underpinned by monetary easing policies and lower crude production in the United States.

    Brent crude futures for April gained 19 cents, 0.3 percent, to $67.23 a barrel, while US West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1 percent.

    Both contracts touched their highest since January 2020 earlier in the session with Brent at $67.44 and WTI at $63.67.

    An assurance from the US Federal Reserve that interest rates would stay low for a while boosted investors’ risk appetite and global financial markets.

    “Comments from Fed Chairman, Jerome Powell, earlier in the week relating to the need for monetary policy to remain accommodative have probably helped, but sentiment in the oil market has also become more bullish, with expectations for a tightening oil balance,” ING analysts said in a note. – Reuters